Heavy Interpretation! Future Trend of Cardano: Will $0.88 Become a Turning Point?
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The price of Cardano shows a key interaction between consolidation and breakout phases. After spending most of 2023 in the range of $0.58 to $0.88, ADA surged to $1.25 earlier this year but faced rejection at this resistance level.
Currently back around $0.88, this level is a key support area. If ADA holds this level, it may rebound to $1.25, and if momentum strengthens, the ultimate target is $2.41.
However, failing to maintain this level could lead to a pullback to the $0.58 range. Therefore, whether ADA can sustain the $0.88 support level is crucial for its price direction.
The long/short ratio for ADA is 0.9936, with short positions slightly higher than long positions at 50.16%. This nearly equal distribution reflects the market's indecision.
However, if it breaks through $0.88, traders expect a bullish breakout, and long positions may increase. Conversely, failing to maintain the support level could enhance bearish sentiment.
The future of ADA depends on whether it can hold the $0.88 support level. If it holds this support, it may rebound to $1.25 and could potentially reach $2.41 in the coming months. However, breaking below this support level may lead to a retest of $0.58, delaying any bullish rebound.
Currently, Cardano is at a critical stage, and patience and monitoring of key levels are essential.
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